Since the relaxation of the 'zero-Covid' policy in December 2022, China has been making steady progress in recovering from the adverse effects of the Covid pandemic over the past three years. In the first quarter of 2023, the GDP has surpassed expectations with a growth rate of 4.5%. During the epidemic era, many companies hesitated to venture into the Chinese market due to the economic downturn caused by stringent quarantine measures. However, the current climate presents an ideal opportunity for companies to reevaluate their plans for expanding into the Chinese market.
The following industries have witnessed substantial growth in the Chinese market over the past three years and exhibit promising potential for future development.
Travel industry
Since the Chinese New Year holiday in January 2023, Chinese travelers have been eagerly making travel plans, unhindered by any travel bans or quarantine requirements. The overall number of overseas travel bookings by Chinese tourists has skyrocketed, increasing by a remarkable 640% compared to the previous year. Likewise, during the recently concluded May Holiday, domestic tourism in China witnessed an impressive surge. The number of domestic tourist trips reached a staggering 230 million, marking a substantial increase of 119.7% compared to the figures in 2022.
( Image from: http://www.gov.cn/yaowen/2023-05/03/content_5754049.htm#1 )
Sport industry
During the epidemic period and the subsequent lockdowns, people have turned to various sports to combat boredom, particularly among the younger generation. Surfing, skateboarding, and skiing have emerged as the most popular sports in China. These sports are still in their early stages but are projected to have significant potential for development in the coming years.
For instance, at a surfing club in Hainan, there were only a few thousand trainees a few years ago, but the number surged to 20,000 by 2022. The General Administration of Sport of China reports that there are now 10 million skateboarding enthusiasts in the country. Additionally, following the 2022 Winter Olympic Games held in Beijing, the winter sports sector saw an output value of 800 million Chinese Yuan.
( Image from: https://www.meipian.cn/2mtvxkr9 )
Healthcare industry
After the onset of the Covid-19 pandemic, individuals have become more conscious of their mental and physical well-being. In the first year of the pandemic, global rates of depression and anxietyincreased by 25%, with a 13.8% rise observed in the Asia-Pacific region. As the demand for mental health services continues to grow, the market size for psychological counseling is expected to surpass 200 billion Chinese Yuan by 2027.
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